Aegean reportedly decided the building is too expensive to operate without a major remodel. Joe Vaughn, a locally-based business development director for Allen companies, tells GlobeSt.com that redevelopment plans for the property have not been solidified.

Allen owns the hotel property as well as the development rights for much of the undeveloped portion of the Rose Quarter, a 37-acre property that includes the Rose Garden Arena, the aging Memorial Coliseum and an office building that holds several of Allen's locally based companies.

Jay Isaac, Allen's right hand man in Portland, tells GlobeSt.com that specific redevelopment plans for the hotel property and the Memorial Coliseum will come after the city council signs off on a master plan for the entire Rose Quarter area. "Until both of those processes are completed, we really won't know exactly to what use the (hotel) parcel will be put," says Isaac. "But redevelopment is the plan; it could end up beign another hotel or almost anything."

A draft of the plan released earlier this year recommends transforming the area into a traditional mixed-use district instead of the 24-hour entertainment district originally envisioned but never achieved. The report by Urban Design Associates of Pittsburgh suggests that if the Memorial Coliseum is torn down and a major league baseball stadium is not built in the area, the Rose Quarter "could potentially be one of the most dynamic and exciting new districts in the city... ."